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Binance, a major crypto exchange, has prevented $2.4 billion in potential losses from fraud since January. The company announced this on Tuesday. It cited its risk management as key to protecting over 1 million users from scams. The exchange stopped suspected fraud-related funds from leaving the platform. This protected 1.2 million users globally from January to July. Binance uses a "powerful risk engine" for this task. The system combines AI and manual reviews. It monitors all transactions in real-time. This allows quick detection of suspicious activity across Binance's services. "We can spot fishy transactions fast," a Binance spokesperson said. The system covers all areas, including P2P trading and crypto withdrawals. The flagging process targets the withdrawal stage. That's when "criminals try to sneak victims' funds past our security," the company explained. Withdrawals linked to suspected scams made up 45% of prevented losses. That's over $1.1 billion this year alone. Rohit Wad, Binance's CTO, boasted about their tech. "We've built killer tools to protect our users 24/7," he said. The exchange uses various measures across eight risk levels. By July 31, Binance had recovered or frozen over $73 million in stolen funds. This surpasses the $55 million secured in all of 2023. Recovered funds are up 40% in just seven months. The exchange has also helped users recover lost assets. About 80% of these were from external hacks and theft. Wad urged investors to stay sharp. "Users play the biggest role in keeping their assets safe," he said. He advised staying informed and using strong security practices.

Binance, the world's largest crypto exchange, is set to convert Monero balances to USDC. The process starts September 2. It's part of their plan to delist the privacy coin. The exchange dropped this bombshell in a blog post on August 12. They'll be converting 15 tokens in total, including XMR. The conversion will wrap up by March 1, 2025. Binance isn't rushing this. They're taking their sweet time. The conversion rate? It'll be based on the average exchange rate over six months. XMR isn't the only casualty. Other tokens getting the chop include Bitcoin Gold and MobileCoin. Users can still withdraw these assets until September 1, 2024. Surprisingly, Monero seems unfazed. It's trading at $149.38, down a mere 0.2% since yesterday. Talk about resilience. But not everyone's happy. Mykola Siusko, a Web3Privacy Now contributor, isn't mincing words. He told Decrypt, "Binance is widening the gap between original decentralization ethos and regulated surveillance capitalism." Siusko didn't stop there. He added, "Basically, they are proving to be a part of surveillance apparatus." Ouch. Privacy coins like Monero are a hot potato. They're designed to keep transactions under wraps. Advocates love 'em. Critics? Not so much. These coins use fancy tech to hide transaction details. It's like digital cash on steroids. Popular ones include Zcash and Dash. But they're not without issues. Regulators are giving them the side-eye. Some exchanges are showing them the door. Yet, they're still gaining traction among privacy buffs.

Binance, the top dog in crypto trading, has pulled off a major security coup. They've managed to recover or freeze a whopping $73 million in stolen funds this year. It's only July, and they've already outdone their 2023 efforts. Last year, Binance helped users get back $55 million. This year's figure blows that out of the water. A Binance spokesperson told Cointelegraph that users can "take great confidence" in their security efforts. The exchange isn't just playing defense on its own turf. They're going after bad actors across the crypto space. It's about building trust in digital assets as a whole. Jimmy Su, Binance's security chief, says they're all about the users. "We've built a crypto user-focused culture," he explained. This approach shapes everything they do. Su pointed out a key challenge. When the market heats up, newbies flood in. These rookies are prime targets for scammers. High prices mean bigger losses when things go south. Binance didn't pull this off alone. They teamed up with industry players and users. It's a collaborative effort to keep the crypto world safe. Most of the recovered funds came from external hacks and thefts. About 80%, to be precise. The rest were from scams outside Binance's platform. The exchange is casting a wider net. They're working with more third-party services to track and recover stolen funds. It's paying off big time. In other Binance news, there's been a shuffle in the political arena. David Plouffe, once an adviser to Binance, has jumped ship. He's now working on Kamala Harris's 2024 campaign. Plouffe's no stranger to high-stakes politics. He was Obama's campaign manager and senior adviser. After leaving the White House in 2013, he dipped his toes in crypto. Now he's back in the political game, but his exact role in Harris's campaign isn't clear yet.

Bitcoin took a nosedive on Monday, briefly touching $49,000, before going up to $57,000. This sparked a massive sell-off across crypto markets. Binance, the world's biggest crypto exchange, saw net inflows of $1.2 billion in 24 hours [Tuesday]. Binance CEO Richard Teng shared this data from Defi Llama. He called it one of the highest net inflow days in 2024. Teng tweeted: "Amid the macroeconomic climate and yesterday's market downturn, #Binance recorded a net inflow of US$1.2 billion in the past 24 hours, according to @DefiLlama's CEX Transparency metrics." Bitcoin has since clawed its way back to around $55,000 by midday (UTC) on August 6. As of August 7, it's trading at $56,700. Some experts reckon Bitcoin could hit $60k again soon. Anton Toroptsev, Marketing Director at Bitget, thinks it'll be a quick rebound. "By the middle of this week," he says, BTC might hit $58,000. By week's end, it could be back at $60k or higher. So, what caused Bitcoin to tank? CryptoQuant points to macro headwinds and a broader market sell-off. Bitcoin hit $49,000, its lowest since February 14. CryptoQuant's weekly note highlights some recent macro issues. These include higher interest rates in Japan and worse-than-expected U.S. unemployment data. The Middle East turmoil and U.K. riots didn't help either. These factors have spooked traders. Many closed long positions in crypto futures markets. Sellers took charge. Not all trading platforms could handle the chaos. Robinhood had to pause its overnight trading. They blamed issues with Blue Ocean ATS, their third-party execution venue. Robinhood announced this on X (formerly Twitter). It's a bit of a bummer for night owls looking to trade. Despite the drama, Binance's massive inflows suggest many traders see opportunity in the dip. It's been a wild ride, but crypto markets are nothing if not resilient. The coming days will show if Bitcoin can keep up its recovery. For now, it seems the crypto crowd isn't easily fazed by a bit of market turbulence.

India's tax authorities have dropped a bombshell on Binance. The crypto giant faces a whopping $86 million bill for unpaid taxes. The Directorate General of Goods and Service Tax Intelligence (DGGI) is behind this massive demand. It's targeting Binance under the Goods and Services Tax (GST) framework. Binance isn't alone in this mess. Other offshore crypto exchanges are in the crosshairs too. They were all banned in India earlier this year for not playing by the rules. But here's the kicker: Binance wants back in. In April, they said they'd pay up to restart operations in India. A local source spilled the beans to The Times of India. They said, "Binance reportedly earned at least Rs 4,000 crore from transaction fees charged to Indian customers. Detailed investigation revealed that the earnings of these fees were credited to the account of a Binance Group Company — Nest Services Limited — based in Seychelles." This tax demand is a first for India. No crypto exchange has faced such a bill before. Indian authorities tried to reach Binance via email. They sent notices to offices in Seychelles, the Cayman Islands, and Switzerland. Binance ghosted them at first but later hired a local lawyer to sort things out. India's crypto tax rules are no joke. There's a 1% tax on every transaction and a 30% tax on profits. Local exchanges like WazirX and CoinDCX play ball, but offshore platforms have been slacking. Binance thought they could get away with a $2 million fine. Boy, were they wrong. The $86 million demand aims to recoup fees from Indian users. India's not messing around. They're using these taxes to prevent money laundering. Other foreign exchanges like Huobi, Kraken, and KuCoin might be next in line for similar treatment. This isn't Binance's only tax headache. They're fighting similar battles in other countries, including Nigeria. It's a tough spot for Binance. Pay up or stay locked out of one of the world's biggest markets. The crypto world is watching to see what happens next.